tv Business - News Deutsche Welle February 11, 2019 10:15pm-10:31pm CET
oh come on up forty years after the islamic revolution iran's place in the world and its ability to divide the west like never before and more coming up thanks for watching. sometimes books more exciting than real life. preparing to create. what is there's no escape. list. sherman streets. her first day of school in the jungle. first listen to the. band doris crane the moment arrives.
join the ring to take on her journey back to freedom. in our interactive documentary. to bring in ten returns home on d w dot com. fresh off a warning from the i.m.f. of a brewing economic storm fueled by trade tensions all over the world u.s. investors are now bracing for recession talk at home. fears of another government shutdown aren't helping. and as we round marks the fortieth anniversary of its islamic revolution europe hopes a new scheme will keep the trade alive in the face of the west bank chanst.
welcome to your business update i'm joined now they were not in berlin thanks for joining us. the international monetary fund has warned of a possible economic storm brewing as mrs expectations of the world government summit in dubai i.m.f. chief christine lagarde cited trade tensions and tariff escalations uncertainty over brags that and a weakened chinese economy as reasons for slowdowns last month the i.m.f. lowered its global economic forecast for this year from three point seven percent to three point five. as a result joining me now is our financial correspondent yan's court in new york begins good to see you now all of this sounds like a repeat of previous warnings we've already heard from the i.m.f. this time at the same event however we've heard about recession talk so how seriously are they taking this in wall street. it's really fascinating to see
because there is a lot of talk but little action and meaning yes traders in the financial industry is talking about those headwinds for quite some time or as christine lagarde put it there are a couple of clouds forming that could eventually result in a storm among those clouds we see trade we see brics that we see monetary policy cooling of growth in china and christine lagarde for instance did not even mention that profit growth in the u.s. is actually slowing quite a bit but still the market keeps going even here on monday we solve very tiny losses was the dollar jones industrial average was other than that the markets kept getting to the upside and we've been already up for seven consecutive weeks ok so markets shrugging that off but that doesn't mean that the issues than there
are obviously having to start the week with this deadline to a virgin u.s. government shutdown looming over their heads now but it's not looking particularly good on that front as it. now but still talking about writing it off. even seen it a couple of weeks ago when we experienced the longest shutdown in u.s. history and the u.s. economy did take some harm but still markets traded to the upside to nevertheless i guess there is a high end centers for democrats and republicans to come to an agreement by the end of the week but then also u.s. president donald trump would need to agree to it so we saw the talks over the weekend stalled to continue into europe on a monday so well the clock is ticking there isn't that much time. to come to a solution here and score to there on wall street for us thank you. to britain now where ministers are scrambling to pin down deals with its trading partners at
a brag that at the end of next month now e.u. trade pacts cover about seventy countries so the loss of even membership means the u.k. will need its own agreements in place immediately after now it's unlikely that the u.k. will be able to replace all its existing trade arrangements in time but today it managed to add one more with switzerland. these signatures offer a little bit of security in stormy times or so it's hoped a new trade pact between britain and switzerland will define their post break that relationship that's important because until now trade between the two economies has been governed by e.u. rules the new contract says the relationship will remain the same even if britain leaves the e.u. without a deal a welcome status quo in times where brags it is just one of several sources of uncertainty. interconnected global economy if the chinese economy can slows down with a seven point six percent drop in chinese imports in q four of twenty eighteen it's
likely to have an impact on the major exporting western economies we see not for example in the done greeting of german growth projected for the next year so the idea that the brics it is the only factor affecting the global economy is. is just to miss the point economists and business leaders are in fact quite alarmed the economic climate that is the state of the economy in their eyes is the worst it's been in seven years that according to a survey of experts from more than one hundred twenty countries the fear is that consumers will rein in their spending and that companies would therefore invest less world trade would suffer not the best time for braggs it. a study by germany's live in its institute for economic research warns that a no deal brags it would in danger one hundred thousand german jobs especially in car manufacturing france could see fifty thousand jobs disappear even more in china
globally about six hundred thousand jobs are considered to be at stake. the consequences for the u.k. are also coming into focus a study by the london school of economics shows that many british firms have already shifted operations to the e.u. british investment the block has risen twelve percent since of bragg's a referendum in two thousand and sixteen a rise of some ten billion euros. on the fortieth anniversary of the islamic revolution iran faces political and economic hardship especially with the reinstatement of u.s. sanctions but the country is not without economic allies even reluctant ones to circumvent u.s. the e.u. has created a special vehicle to keep cash flowing towards iran hopes are high that it just might work. from health care devices to orthopedic implants iran has a solid track record of producing medical technology ali i'm ari i'm
a yari started up his company nine years ago today his specialized screws and bone plates are sold in iran elsewhere in asia and africa and most of all in the european union's. business is booming despite reimposed u.s. sanctions against iran the main problem for the entrepreneur is the fact that iran has been disconnected from the us dominated payment system. this situation all of the problem is to transfer money and then we can work with the other concerts in the medical equipment and medicine but about that transaction of the money that we need to milk and to find the new rules to do business. his company which started out in goal is done province in northern iran now employs more than one thousand people production is completely automated.
our computer controlled machines can carry out every possible step in production. we no longer need to have different workstations is always completely automated. the medical plates being milled out of titanium and stainless steel have international certifications and are approved for use in numerous countries. and because they're often cheaper than the international competition demand is high it is allium arreola yari arranges more than half its exports to the european union international trade fairs like here underseal dollars he's hoping that the e.u.'s recent efforts to set up a legal payment mechanism to bypass the u.s. sanctions will keep him in business with western firms in this case we send our product to europa and we buy something everywhere else from your open especially to
pro why something for a spare parts for all matter and everything that's needed to manufacture our. many european companies such as this manufacturer of neurological diagnostics devices in . to continue their business with iran with the support of the e.u. . and as well as economy has shrunk by more than half the auto power and twenty thirteen sanctions have crippled its oil industry and its ability to borrow money and with their oil has been turning to gold calling on freelance prospectors to extract the precious metal unprotected by any regulation. if every operation armed with only picks and shovels these miners in southern venezuela are risking their lives digging for gold there among an estimation three hundred thousand fortune hunters in the country making a go of pulling gold from makeshift mines many of them feel they have no other
choice. like there's a lot of malaria here it's dangerous down in the mines there are collapses things fall on you when somebody themself actually fail you could get buried god forbid there are risks but you have to keep working how else can you support your family. that. their work is helping to prop up the government of embattled president nicolas maduro page in the country's near worthless banknotes the amateur minor supply the government with desperately needed hard currency. you can sell to the venezuelan central bank and to the venezuelan state development bank these are the two places you can deliver the metal they pay a good price there is a private sector but it pays a lower rate than the state. then as well as
sells most of its gold to turkey who's president ret of tired argue one is one of materials closest allies. the proceeds are reportedly also used to buy desperately needed food from turkey opposition politicians accuse ankara of supporting an illegitimate regime. and outs are business update for more you can always go to our web site that's t w dot com slash business or follow us on facebook and twitter i'm john album alone in berlin thank you for watching.
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